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UAE says Insufficient Investments can cause Oil, Gas Price Hikes

by Jiata Ekele
November 9, 2021
in ENERGY, TOP STORIES
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Minister Suhail bin Mohammed al-Mazroui – UAE says Insufficient Investments can cause Oil, Gas Price Hikes

United Arab Emirates Energy Minister Suhail al-Mazrouei said on Monday insufficient investments in the oil and natural gas industry could lead to a hike in energy prices.

Oil and gas are needed to ensure reliable supply of energy during the transition period required to implement non-carbon emitting projects, he told the Africa Oil Week conference in Dubai.

The UAE, he added, is willing to invest in African solar and wind projects, and sees potential in developing hydrogen as an energy source.

The Gulf state announced in October a plan to reach net-zero emissions by 2050, providing for 600 billion dirhams ($163 billion) in investment in renewable energy.

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Tags: Africagulfoil & gasoil priceUAEUnited Arab Emirates energy
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Jiata Ekele

Jiata Ekele

Jiata Ekele is a Staff Writer at the Africa Climate Reports (ACR).

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